Analysis of financial statements of the banks for the 2015 financial year, reveal that the ten banks increased total money paid to 143 directors by 11 percent or N742 million, from N6.84 billion in 2014 to N7.58 billion in 2015. The amount paid to the directors represents 1.58 percent of the profit before tax of the ten banks, which stood at N480 billion in 2015.

The amount paid to the directors also represented 2.0 percent of total staff salaries (personnel cost) in the ten banks. Further analysis reveals inadequate disclosures relating to directors compensation, fees and allowances to board chairmen, and salaries of chief executive officers. For example, Wema Bank did not specify amount paid as compensation to executive directors, while Access Bank and Sterling Bank failed to disclose money paid to their chairmen and chief executive officers.

Total board expenses

GTBank led the ten banks, with N1.25 billion paid to its 14 directors in 2015, up from N1.2 billion in 2014. Zenith Bank came second, with N1.145 billion paid to 10 directors in 2015, up from N630 million in 2014. Acess Bank and FirstBank came third and fourth respectively, with N1.08 billion and N1.05 billion paid to 14 and 17 directors respectively. The fifth highest board expenses was incurred by UBA, which paid N603 million to its 16 directors in 2015, up from N600 million in 2014. Others are Union Bank-N983 million, Diamond Bank-N195 million, Sterling Bank-N265 million, Fidelity Bank-N766 million and Wema Bank-N235 million